BIK – what is it, how to check your credit history in BIK?
Each bank and many loan companies verify the creditworthiness of the potential customer before granting a loan. To this end, it checks, among others, the credit history in BIK.
To be a reliable customer in the eyes of a financial institution, you must regularly pay your debts. What is BIK? How can you check your credit history at BIK? What impact does your credit history have on the granting of a credit or loan by a financial institution?
BIK – what is it?
It is a database whose task is to collect, store, analyze and share economic information about customers of banks, loan companies and other financial institutions, e.g. credit unions.
BIK allows you to analyze the credit history of the customer who applies for a loan. The information in the database is used by financial institutions to answer the question whether a given person will be a reliable borrower (borrower).
The importance of the Credit Information Bureau: BIK, as the country’s largest data collection on individual clients and entrepreneurs, is a pillar of risk analysis (source of the quote: Let’s get to know the factor , media.bik.pl ). BIK makes it easier to assess the risk as well as the creditworthiness of the consumer who is applying for a loan. Its functioning significantly facilitates the entire process of granting credits and loans.
BIK in numbers:
- 24 million Poles have their credit history in the database
- there are approx. 73 million business information in the BIG InfoMonitor database
- 90% of the data in BIK is positive information
When can you get to the BIK?
The BIK information database includes people who pay their liabilities or have used financial products in the past, such as bank loans, non-bank loans, a credit card or debit on a bank account. The BIK also contains information about persons who guaranteed the liability to other borrowers (so-called guarantors).
It is worth knowing that information about a given commitment is stored in BIK from the date of the contract. Financial institutions may provide this type of data if the agreement contains clauses informing about the transfer of data to BIK.
Information on liabilities can be stored and processed even after their repayment. However, the customer must agree to such actions. This type of consent may be revoked at any time. However, it should be noted that financial institutions may in some cases process data about the consumer, even if he has not agreed to it. However, certain conditions must be met for this to happen. These are:
- the liability is at least 60 days late
- the financial institution must notify the client at least 30 days in advance if it intends to process information about it when it does not settle its commitment
- in addition, BIK may store customer information for 12 years and use it for statistical purposes
Every borrower who pays his liabilities on time is more likely to receive another loan or loan. Financial institutions consider such a client more reliable. Even the smallest, but constantly recurring delays in repayment of liabilities may worsen your credit history. This, in turn, will reduce your chances of getting another loan.
How to check your credit history at BIK?
It’s worth checking your credit history before making a new commitment. This is particularly important for loans or loans of a significant amount, e.g. a home loan or car loan. It is good to be aware of what our credit history looks like before applying for a loan.
How can you check your credit history yourself?
- Go to (www.bik.pl) (the official website of the Credit Information Bureau).
- The next step is to register on the site. It is necessary to provide basic personal ID details and e-mail address. The website user must also accept its regulations.
- Then send a scan or photo of your ID card to confirm your identity.
- Now it is the turn to perform a verification transfer of a symbolic value (PLN 1). However, it should be remembered here that the data from the bank account from which the transfer will be made must match the data provided during registration.
- We receive an email with an activation link and SMS with an authorization code. The data obtained will allow you to set a password for the user account on the site.
- Once logged in, all you have to do is select the range of services that interest you. An individual customer can use three types of services:
- BIK alerts (cost PLN 24 / year) – their task is to protect the client against fraudulent obligations on his data and to inform about delay in repayment of a loan
- Single BIK Report (cost PLN 39 / report) – the user may receive a one-off report containing information about all his obligations
- BIK Package (cost PLN 99 / year) – the package contains 12 Reports (downloadable within 12 months), BIK Alerts, BIK Index and the option of reserving documents and making credit reservations
Creating and verifying a user profile is done via the Internet (online). BIK employees do not inform clients about their credit history either by phone or directly at the BIK headquarters.